Ann: Notice of General Meeting and Letter to Shareholders, page-3

Just a couple of things I noted in the general meeting document.




I was under the impression that phase 1 production had been reduced to 4kt per annum. Looking at the above STI’s it now has been set to 3.6kt?

Additionally, the STI for not less than 500t in the final evaporation pond by the 31st March 2025 is a bit confusing. Given not all ponds are complete, is the wording of “final evaporation pond” mean once all ponds are constructed? Given the date to meet the STI has already passed, this cannot be met.

Or, is it worded to mean that there must be 500t in the last currently completed pond? If that is the case, given they have 9000t in-situ in the ponds then this has already been met, gifting a nice $75k pay hit to JP upon ratification. That’s not really an incentive given it’s already in place……